When you first invest in property, things rarely go as you imagined. You may find yourself dealing with complicated characters. Property manager provide a middle between your tenants and you, allowing you to strain less over things that happen at the property and concentrate more on enjoying the fruits of your investment.
While managing your property on your own may be an ideal option if you live near your property, are a handy person, and have enough time at your disposal, in many cases, this isn’t practical. If you have several buildings as investments, most likely, you will not be able to address all issues that crop up in every building you own. Usually, landlords seek services from reputable property management firms such as Property Management Centennial, to run day-to-day operations and address individual tenant concerns.
What are the responsibilities of a property manager?
Property managers have several responsibilities, some of which are;
Screen and Attract tenants; A rental property investment is not viable if vacant buildings or units do not generate income. A property management company such as Property Management Centennial will market your property; This might include showing apartments to prospective tenants, advertising, and explaining restrictions, such as pets or smoking. When a tenant wants to sign a lease, your property manager will screen renters, including confirming employment, a credit check, and contacting references.
Collect rent; Property market conditions change; thus, property management companies should keep up with changing trends. An experienced property manager like Property Management Centennial will research competitive properties and advise on appropriate adjustments to your rental rates. Moreover, the property managers will collect rent and execute rules about delayed payments.
Carry out repairs; Property managers fix broken items or hire experts to do it. Fixing things such as clogged drains, leaking pipes, faulty air conditioning systems, and snow removal is their responsibility. Your manager can perform extra duties to organize garbage collection, pest control, landscaping, and tidying up common areas. The property manager acts as the first contact for the renter’s concerns and has the fundamental role of settling them.
Dispute resolution; Rental property managers are well versed with landlord-tenant responsibilities and rights. Retaining deposits in case of property damage, ensuring compliance with safety rules, or evicting rogue tenants are all the property manager’s responsibilities. Any hired management company or person should have the necessary experience and deep knowledge in these areas.
Financial management; Property managers must follow the given budget for maintenance, building operations, emergencies, dispute resolution, and marketing. Property managers are expected to keep proper records regarding the money collected and spent.